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    Christopher Dendrinos • RBC Capital Markets

    Christopher Dendrinos's questions to Bloom Energy Corp (BE) leadership

    Christopher Dendrinos's questions to Bloom Energy Corp (BE) leadership • Q1 2025

    Question

    Christopher Dendrinos asked for specifics on cost-saving opportunities to offset tariffs and whether the utility regulatory environment, like the pending FERC decision for AEP, is creating a near-term deal bottleneck.

    Answer

    K.R. Sridhar (Founder, Chairman, and CEO) explained that cost reduction is ingrained in Bloom's culture, driven by a portfolio of projects in technology, manufacturing, and yield improvements. Regarding regulation, he characterized the current issues as 'temporary blips,' stating that partners like AEP are confident and that regulators understand the need to facilitate power for economic growth.

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    Christopher Dendrinos's questions to Bloom Energy Corp (BE) leadership • Q4 2024

    Question

    Christopher Dendrinos inquired about the composition of the product backlog, seeking a breakdown by AI and C&I segments. He also asked for clarification on the Investment Tax Credit (ITC) safe harbor provision and the associated $12-15 billion revenue opportunity.

    Answer

    CFO Dan Berenbaum declined to provide a specific backlog breakdown but highlighted strong momentum in U.S. C&I. CEO KR Sridhar added that roughly one-third of the deployed fleet serves data centers. Both executives explained that the ITC safe harbor provision, compliant with Treasury guidance, allows customers to secure 40-50% tax credits for projects placed in service through 2028, effectively making ITC a non-issue for the company's U.S. business in the medium term.

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    Christopher Dendrinos's questions to Bloom Energy Corp (BE) leadership • Q4 2024

    Question

    Christopher Dendrinos requested a breakdown of the product backlog by segment (AI vs. C&I) and sought clarification on the Investment Tax Credit (ITC) safe harbor provision, including its mechanics and the potential $12-$15 billion revenue opportunity.

    Answer

    CFO Dan Berenbaum stated the company would not provide a specific backlog breakdown but confirmed strong momentum in both AI and C&I segments. CEO KR Sridhar added that about one-third of the deployed base serves data centers. Regarding the ITC, both executives explained that the safe harbor provision allows customers to secure 40-50% ITC benefits for systems placed in service by 2028, making the credit a non-issue for Bloom through that period.

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    Christopher Dendrinos's questions to Bloom Energy Corp (BE) leadership • Q3 2024

    Question

    Christopher Dendrinos from RBC Capital Markets asked for the rationale behind the Fremont manufacturing capacity expansion and how it translates to the 2025 outlook.

    Answer

    CEO K.R. Sridhar explained the expansion to one gigawatt is driven by anticipated rapid market growth, not speculation, and noted they can add another gigawatt within 6-9 months if needed. CFO Dan Berenbaum added that expansions are done prudently, tied to visible demand, and that the recent inventory increase reflects this anticipated demand.

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    Christopher Dendrinos's questions to GE Vernova Inc (GEV) leadership

    Christopher Dendrinos's questions to GE Vernova Inc (GEV) leadership • Q1 2025

    Question

    Christopher Dendrinos asked about the current pricing environment, questioning if GE Vernova is still able to increase prices for gas turbines and within the Electrification segment.

    Answer

    CEO Scott Strazik confirmed a continued 'price up' environment for Gas Power, with prices expected to rise through 2025. He noted that Electrification is also seeing price gains, though at a slower pace than in 2024, with strength concentrated in areas like North American switchgear. CFO Ken Parks added that these recent price increases are not yet fully reflected in the reported backlog margin, suggesting future profit expansion.

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    Christopher Dendrinos's questions to GE Vernova Inc (GEV) leadership • Q3 2024

    Question

    Christopher Dendrinos focused on the Electrification segment, asking if GE Vernova has the capacity to meet surging demand and whether the company is still able to increase prices.

    Answer

    CEO Scott Strazik confirmed that pricing power continues in Electrification. He explained that the company can meet demand efficiently by leveraging its existing industrial footprint, noting that 75% of a planned capacity doubling in the Power Transmission business will come from lean improvements rather than capital-intensive greenfield projects. CFO Ken Parks added that North America is now the segment's fastest-growing region.

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    Christopher Dendrinos's questions to Solaredge Technologies Inc (SEDG) leadership

    Christopher Dendrinos's questions to Solaredge Technologies Inc (SEDG) leadership • Q4 2024

    Question

    Christopher Dendrinos asked about the operational impacts of the next-generation product launch, specifically focusing on its effect on the manufacturing cost structure and gross margin profile.

    Answer

    CEO Yehoshua Nir confirmed the new product line is designed for manufacturability with an expected improved cost structure and will be ramped up in U.S. facilities. CFO Ariel Porat added that the new products were designed with different components and capabilities specifically to reduce costs and improve gross margins compared to the current generation.

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    Christopher Dendrinos's questions to Fluence Energy Inc (FLNC) leadership

    Christopher Dendrinos's questions to Fluence Energy Inc (FLNC) leadership • Q1 2025

    Question

    Christopher Dendrinos inquired if the new product is industry-leading or a catch-up effort and questioned the implied low margin on the unbooked portion of the revised 2025 guidance.

    Answer

    President and CEO Julian Nebreda positioned the new product as industry-leading in density and design, intended to regain competitive advantage. CFO Ahmed Pasha clarified that new contracts signed since last quarter were at high-single-digit margins, which, when blended with the existing backlog, resulted in the revised 11% midpoint margin.

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    Christopher Dendrinos's questions to Fluence Energy Inc (FLNC) leadership • Q4 2024

    Question

    Christopher Dendrinos asked about the intensity of price competition from vertically integrated rivals and how the competitive landscape is shaping up for 2025. He also questioned if Fluence might expand its role in the value chain, for instance by taking on more EPC work.

    Answer

    President and CEO Julian Nebreda acknowledged a competitive market but argued that as hardware costs fall, the value of reliability, commissioning, and logistics increases. He stated Fluence wins on total cost of ownership, not just CapEx. He added that the company already offers EPC services with partners when customers require it and sees no need to change this flexible approach.

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